Spice can be dried seeds, fruits, roots, barks, or vegetative substances primarily used for flavoring, coloring or preserving food. Spices are distinguished from herbs, which are parts of leafy green plants also used for flavoring or as garnish. Many spices have antimicrobial properties. A spice may have an extra use, usually medicinal, religious ritual, cosmetics or perfume production, or as a vegetable. For example Turmeric roots, are consumed as a vegetable and garlic as an antibiotic.

Spice exports contribute to nation’s gross income considerably, in countries like China, India, Africa and the Middle East. Spices are generally sold at premium prices and also are in greater demand which can further enhance export revenues in major spice producing countries. Spices farming mechanism starts at grass root level conserving the generative and renewing capacity of the soil, plant nutrition, and soil management, yields nutritious food rich in vitality which has resistance to diseases. Increasing demand of natural flavoring and coloring agents in food, medicinal properties and health benefits are driving the spices market.

Global Spices Market appears to be highly competitive and diversified with the presence of many well established players having regional and global presence. Product differentiation, portfolio, and pricing are some of the factors these players compete based on.

The leading market players in the global spices market primarily are

McCormick & Co., Inc. (U.S.),

Olam International (Singapore),

Everest Spices (India),

B&G Foods Holdings Corp. (U.S.),

Cerebos Gregg’s Limited (New Zealand),

MTR Foods Private Limited (India),

Mahashian Di Hatti Limited (MDH) (India) and

ITC Spices (India)

Regional Analysis

Spices are the pearls of developing countries. Spices are demand in the industrialized world, the export of these basic agricultural commodities by India can be relied upon to earn valuable foreign exchange. India, blessed with agro-climatic zones, exports spices to 120 countries. India being a major producer of spices boosts stronger potential for spices supply. There is high demand for spices from regions like Asia Pacific, Middle East and Europe.